Russia Ready to Join OPEC in its Oil Freeze Initiative

Russia's President, Vladimir Putin, stated that Russia would be ready to join measures taken to limit output and also calls on others to join. He further stated that based on the current market situation, a freeze or even a cut in oil production is required in order to preserve stability in the global energy market. Energy Minister, Alexander Novak, stated however, that Russia would prefer to freeze its output at current levels rather than make reductions. According to preliminary data from the Energy Ministry’s CDU-TEK unit, Russia’s current oil production is estimated to be 11.2 million barrels a day.

Iran’s NIOC to sign first oil & gas agreement with local company

The National Iranian Oil Company's (NIOC) Managing Director, Ali Kardor, stated that the company will sign the first of its new oil and gas contracts (IPCs) with a domestic firm. NIOC will sign a contract with Setad Ejraye Farman Emam under the IPC to develop the second phase of Yaran field and carry out EOR (enhanced oil recovery) & IOR (improved oil recovery) activities for Koupal oil field. The value of these new contracts is estimated to be USD 2.5bn.

Dubai Electricity & Water Authority's (Dewa) Managing Director and Chief Executive, Saeed Mohammad Al Tayer, stated that DEWA plans to award the tender to develop the first phase of the world’s largest concentrated solar power (CSP) project at Mohammad Bin Rashid Al Maktoum Solar Park in Q1 2017. This tender will comprise of the development of a 200MW CSP plant with an energy storage capacity of between 15 and 20 hours. Once completed in 2030, the Mohammad Bin Rashid Al Maktoum Solar Park is expected to have 5GW of capacity, including 1GW of CSP technology.

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